HKMA's Yu Wai-man: The licensing standards are 'strict and precise', with clarity expected in March.
License progress bar: On February 2, 2026, HKMA President Yu Wai-man clearly stated that the first batch of stablecoin issuer licenses is expected to be issued in March. This marks the end of the six-month 'window review period' since the Stablecoin Ordinance came into effect on August 1, 2025.
Competitor landscape: Among the 36 institutions that submitted applications are banks, tech giants, payment companies, and Web3 native enterprises.
Leading cohort (sandbox members): Includes Standard Chartered Bank (in partnership with Animoca Brands and HKT), JD Coinlink, and RD InnoTech.
Variables: Previously, Ant Group (Alipay) and JD were more cautious in the application process due to the latest compliance guidelines in mainland China.
Regulatory red line: The HKMA emphasizes 'better to have none than to have too many'; the number of institutions receiving the first licenses will be very limited. Core assessment points include:
Reserve assets: Must be 100% collateralized by high-quality, highly liquid fiat currencies or short-term government bonds.
Redemption guarantee: Must ensure that users can redeem at par value (1:1) at any time.
Local operations: Management and core technical teams must be based in Hong Kong.
Industry impact: With the launch of compliant HKD stablecoins (such as HKDG or HKDR), Hong Kong is expected to enter a new payment era of 'stablecoin + RWA' in the second quarter of 2026, further consolidating its position as a global virtual asset hub.